Austrian foreign trade 2008: Trade volume increases once again

Despite the economic crisis, Austrian foreign trade once again registered an increase in trade volume in 2008. Service exports were a main contributor to economic success abroad.

Even in the face of the economic and financial crisis, Austrian foreign trade managed to increase by 3.5% against trade volume of the previous year, to EUR 237 billion. This represents a six-fold increase in Austria’s trade volumes since 1980. In 2008 exports rose by 2.5% to EUR 117.53 billion, while imports rose by 4.7% to EUR 119.57 billion.

Germany, Italy, USA, Switzerland and France remained Austria’s most important export markets in 2008. The majority of export growth was accounted for by countries in Central, Eastern and South Eastern Europe (EUR 2.5 billion from a total EUR 2.85 billion). In terms of the 30 most important export partners worldwide, the highest growth rate was seen in exports to Brazil, which rose by 36.4%.

In 2008 - as in previous years - service exports played a significant role in the overall foreign trade success story. They grew in 2008 by 4.35% to EUR 44.87 billion, outstripping growth of service imports which rose by 2.27% to EUR 29.25 billion. Austria’s transformation towards a service-based economy means that cross-border trade in services is increasingly becoming a pillar of Austrian foreign trade.